Collision Repair Market size worth over $305bn by 2026
Published Date: June 16, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Collision Repair Market size is set to exceed USD 305 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rising consumer preferences for personally owned vehicles will be the key driving factor for the collision repair market growth. Growth in traffic congestion owing to increasing number of vehicles on the road is contributing to increasing rate of road accidents. Further, commercial vehicle fleet is expanding at a steady rate across the world, boosting the market demand.
Increasing vehicle autonomation at various levels will limit the market size expansion. Additionally. growing research and development activities in the field of automated vehicles in order to reduce accidents will hinder the industry growth. Automotive industry players are utilizing the machine learning algorithms coupled with cloud based solutions to rectify the traffic related problems.
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Adhesives & sealants segment will witness substantial growth in the collision repair market during the forecast timeframe owing to its greater usage in automotive repair industry. Adhesive exhibits superior cohesive bonding strength and faster curing rates that enables to form strong joints for parts, glass, metal, fiber, painted surfaces, among others.
Aftermarket segment is estimated be expand at over 3.5% CAGR till 2026 driven by shifting customer preference for utilizing cost effective products that improves vehicle performance. Furthermore, growing demand for spare parts & components available at reasonable cost than that of OEM, fueling the industry demand.
Browse key industry insights spread across 260 pages with 327 market data tables & 11 figures & charts from the report, “Collision Repair Market Size By Product (Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), By Vehicle (Passenger Cars, LCV, HCV, Two Wheelers), By Source (New OEM, Aftermarket, Recycled, Remanufactured), By Auto Body Shops (Dealer Owned Shops, Independent Repair Shops), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Proliferating logistics industry to support LCV penetration
LCV segment is anticipated to hold significant market share through 2026. This is mainly due to increasing logistics activity and availability of large number of collision repair workshops and paint shops offering solutions for commercial vehicles. Increasing sales of vehicles for goods carriage across emerging countries is expected again drive industry growth.
Independent repair shops to bank upon superior service offerings
Independent repair shops will register considerable gains over the coming years owing to their capability to provide services to numerous vehicles makes along with low overhead costs. Also, these workshops provide numerous service bays to offer repair service for a broad range of automobiles are further escalating the market growth.
Presence of multiple service providers to drive North America revenue generation
North America collision repair market size is poised to observe growth rate of 3% from 2020 to 2026. Rising vehicle sales in the U.S. coupled with growing number of repair shops is expected to propel the market demand. The U.S. ranks highest among the most traffic congested nations with an average person spending around 41 hours per year in dealing with traffic during peak hours, augmenting the rate of road accident in the region and eventually creating market growth opportunities.
Ongoing COVID-19 pandemic is likely to affect the revenue generation in near future. This is attributed to temporary closure of repair and maintenance related activities across the region. Increasing number of cases in the region have adversely impacted the automotive sector leading to a decline in revenue of industry.
Some of the key market participants include, Continental Corporation, Honeywell International Inc., 3M, Caliber Collision, ATP Automotive, DuPont, Denso Corporation, Eastman Chemical, Federal-Mogul Holdings Corp., Faurecia, Henkel AG & Co., KGaA, Huntsman Corporation.
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